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Some points towards an answer: Why HMAC-SHA3? HMAC and its security proofs have been devised for Merkle-Damgård hashes, and SHA3 is not one. HMAC-SHA256 would be fine (Updated per comment: the Keccak submission does endorse its use with HMAC, using a block size parameters of 576 (resp. 832, 1088, 1152) bits for the hash with output of 512 (resp 384, 256, ...


The way the iterations work is that it roughly increases your security (in bits) by $\log_2(iterations)$. So you would still need $\frac{\log{2}}{\log{97}}\cdot (256 - \log_2(10000)) \approx 37$ characters in your password to have 256-bits of security. Think of it this way, if you have $2^{256}$ possible keys, that is an astronomically large number. Much ...

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